Category: Markets
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Daily Broad Market Recap – October 2, 2024
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Data flow has been relatively light in recent trading sessions, but that hasn’t stopped a handful of asset classes from making big moves. The US dollar and Treasury yields got a little support from another upbeat key jobs indicator, while the energy commodity took cues from inventory data. Check out…
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UK September final services PMI 52.4 vs 52.8 prelim
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Final Services PMI 52.4 versus 52.8 expected and 53.7 previous. Final Composite PMI 52.6 vs. 52.9 expected and 53.8 previous. Key findings: Business activity growth fell to a three-month low in September. Strong order books support a positive business outlook for next year. Inflation rates slow for the third month…
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Buffett’s Berkshire sells $338 mln in Bank of America stock as sales slow down By Investing.com
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Investing.com – Warren Buffett Berkshire Hathaway (NYSE:) Inc. (NYSE:) has been gradually reducing its stake in Bank of America Corp (NYSE:) since mid-July, with the latest sales reflecting a slowing pace. Berkshire this week sold $338 million worth of stock, according to a Securities and Exchange Commission filing on Wednesday,…
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UBS wary of chasing dollar weakness ahead of payrolls By Investing.com
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Investing.com – Stock prices rose and stock markets suffered weakness in response to Iranian missile attacks on Israel, but gains in the US dollar were more weak, UBS said, suggesting a market that is not particularly concentrated in short dollar trades. At 05:20 ET (09:20 GMT), the dollar index, which…
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Chart Art: Is AUD/USD Headed For Deeper Pullback Levels?
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The AUD/USD pair is heading lower after recent events pushed US demand higher. How far will the CMD pair go before the bulls extend their multi-week uptrend? The 4-hour time frame can give us clues: AUD/USD Forex 4 Hours Chart by TradingView In case you missed it, an upbeat jobs…
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ForexLive Asia-Pacific FX news wrap: BOJ: loose policy still needed. HK stocks pullback.
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High risk warning: Foreign exchange trading involves a high level of risk that may not be suitable for all investors. Leverage creates more risk and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience and risk tolerance. You may lose some or…
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Philippines levies 12% VAT tax on digital services by tech giants By Reuters
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MANILA (Reuters) – The Philippines will impose a 12% value-added tax on digital services offered by technology giants such as Amazon (NASDAQ:), Netflix (NASDAQ:), Disney and Alphabet (NASDAQ:), in 2019. The Internal Revenue Agency said On Thursday, it is a move that will level the playing field with local players.…
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Bank of England says global asset prices remain ‘stretched’ By Reuters
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By David Milliken and Suban Abdullah LONDON (Reuters) – Global asset prices remain under pressure and are vulnerable to a significant decline as investors become more concerned about geopolitical risks, the Bank of England said on Wednesday. The Bank of England said overall risks to British financial stability were unchanged…
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Bank of England says global asset prices remain ‘stretched’ By Reuters
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By David Milliken and Suban Abdullah LONDON (Reuters) – Global asset prices remain under pressure and are vulnerable to a significant decline as investors become more concerned about geopolitical risks, the Bank of England said on Wednesday. The Bank of England said overall risks to British financial stability were unchanged…
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Australian August trade surplus larger than expected
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High risk warning: Foreign exchange trading involves a high level of risk that may not be suitable for all investors. Leverage creates more risk and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience and risk tolerance. You may lose some or…
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Amazon hit with US labor board complaint over ‘joint employment’ of drivers By Reuters
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Written by Danielle Wiesner (Reuters) – Amazon.com has been charged by the U.S. Labor Council for illegally refusing to negotiate with a union representing drivers working for a contractor, the U.S. labor agency announced on Wednesday. The complaint filed by the National Labor Relations Board (NLRB) alleges that Amazon (NASDAQ:)…
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HSBC lowers EUR-AUD trade target, stop-loss By Investing.com
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HSBC Global Research has revised its stance on the EUR-AUD pair, setting lower target and stop-loss levels for its sell trade idea. On the other hand, the company revised its target down to 1.5690 from its initial position that it opened on September 20 at 1.6400. Stop loss has also…
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100bp of rate cuts coming up from the Reserve Bank of New Zealand, beginning next week
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There are a series of calls for a 50 basis point cut in interest rates for the RBNZ meeting next week: TD Bank expects to cut its interest rate by 50 basis points next week as well, but added that they expect the same size of cut at the November…
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Levi Strauss announces strategic review of Dockers brand including sale By Reuters
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(Reuters) – Levi Strauss Co said on Wednesday it was considering selling its underperforming Dockers brand, known for its khaki clothing. Shares of the denim maker fell nearly 8% in extended trading after the company missed quarterly revenue forecasts and announced a strategic review of Dockers. Levi is in the…
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Levi Strauss announces strategic review of Dockers brand including sale By Reuters
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(Reuters) – Levi Strauss Co said on Wednesday it was considering selling its underperforming Dockers brand, known for its khaki clothing. Shares of the denim maker fell nearly 8% in extended trading after the company missed quarterly revenue forecasts and announced a strategic review of Dockers. Levi is in the…
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USD holds steady amid geopolitical tensions and economic data anticipation By Investing.com
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The US dollar remained stable as markets processed rising geopolitical risks in the Middle East and awaited more US economic data. This stability comes despite the general move towards safe haven assets in foreign exchange markets, which has not led to a significant reduction in risks, HSBC noted in a…
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Daily Broad Market Recap – October 1, 2024
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Volatility was relatively weak for most asset classes early with the exception of crude oil, where geopolitical headlines were front and center, before risk-off flows picked up. Meanwhile, mixed leading US indicators, namely the ISM Manufacturing PMI and JOLTS employment data, continue to end net positive for the dollar. Here…
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Ray Dalio: China policy makers need to do a lot more than what was announced
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Ray Dalio to publish on LinkedIn over the weekend regarding the latest batch of stimulus from China. It sparked a massive rally (and possibly a short squeeze) in Chinese stocks. He’s not convinced that’s enough: The Chinese leadership announced recovery policies and support for free markets last week He sees…
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OpenAI closes $6.6 billion funding haul with investment from Microsoft and Nvidia By Reuters
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By Crystal Ho (Reuters) – OpenAI announced on Wednesday that it has raised $6.6 billion from investors at a post-cash valuation of $157 billion, cementing the ChatGPT maker’s position as one of the world’s most valuable private companies. The funding has attracted returning venture capital investors including Thrive Capital and…
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Dollar gains as ADP shows better than expected jobs gains By Reuters
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Written by Karen Brettell NEW YORK (Reuters) – The dollar hit a three-week high against the euro on Wednesday after the ADP national employment report showed that jobs in the U.S. private sector increased more than expected in September, ahead of jobs data expected on Friday. Traders are also closely…